Mr. Jim O'Rourke reports

COPPER MOUNTAIN ANNOUNCES POSITIVE Q3 2015 RESULTS

Copper Mountain Mining Corp. had third-quarter revenues of $63.7-million after pricing adjustments and treatment charges from the sale of 21.9 million pounds of copper, 7,800 ounces of gold and 65,300 ounces of silver. The total cash cost for the quarter ended Sept. 30, 2015, was $1.72 (U.S.) per pound of copper sold, net of precious metals credits.

Highlights (100-per-cent basis):

• Copper, gold and silver production for the third quarter of 2015 at Copper Mountain mine was 20.4 million pounds of copper, 6,300 ounces of gold and 64,900 ounces of silver, or 58.2 million pounds of copper, 21,900 ounces of gold and 216,300 ounces of silver for the nine months ended Sept. 30, 2015.
• Revenues for the third quarter of 2015 were $63.7-million from the sale of 21.9 million pounds of copper, 7,800 ounces of gold and 65,300 ounces of silver, net of pricing adjustments, bringing nine-month revenues to $192-million from the sale of 61.8 million pounds of copper, 21,700 ounces of gold and 224,700 ounces of silver, net of pricing adjustments.
• Adjusted earnings before interest, taxes, depreciation and amortization were $14.7-million for the quarter and $48.5-million for the nine months ended Sept. 30, 2015.
• Adjusted earnings were $2.0-million for the quarter and $9.8-million for the nine months ended Sept. 30, 2015.
• Cash flow from operations was $4.7-million for the quarter and $18.1-million for the nine months ended Sept. 30, 2015.
• Cash on hand at the end of the quarter was $18.5-million.
• Mine production continued at a mining rate of 160,000 tonnes per day moved during the quarter.
• The SAG mill achieved an all-time monthly throughput record of 39,100 tonnes per day during the month of July and averaged 37,400 tonnes per day during the quarter.
• Site cash costs for the quarter were $1.21 (U.S.) per pound of copper produced net of precious metal credits, a reduction of 11 per cent over second-quarter site cash costs.
• Total cash costs for the quarter were in line with expectations at $1.72 (U.S.) per pound of copper sold net of precious metal credits and after all off-site charges, a reduction of 5 per cent over second-quarter total cash costs.
• Realized prices on metal sales for third-quarter 2015 were $2.39 (U.S.) per pound of copper, $1,118 (U.S.) per ounce of gold and $14.70 (U.S.) per ounce of silver.

Jim O'Rourke, president and chief executive officer of Copper Mountain, remarked: "We are very pleased to see another consecutive quarter of mill throughput improvements that have been made possible by the addition of secondary crushing. During the quarter the mill achieved a record quarterly average throughput of 37,400 tonnes per day, 7 per cent above our design capacity of 35,000 tonnes per day. The 39,100-tonne-per-day average mill throughput achieved in July provides management encouragement for further improvements. We continue to focus on maximizing production while minimizing all costs. Recent modifications have provided further gains, and we are confident these gains are sustainable."

Mr. O'Rourke continued: "Copper Mountain Mining generated positive free cash flow during the third quarter. In keeping with this trend, no major capital expenditures are planned for balance of 2015, and production improvements are expected to continue through to the end of the year. Mine plans are continuously being reviewed and optimized to best address current market conditions."

                    SUMMARY FINANCIAL RESULTS
                (cash cost data in U.S. dollars)

                                    Three months ended Sept. 30,
                                         2015               2014

Revenues                          $63,701,608        $82,546,359
Gross profit (loss)                (2,085,460)        18,826,834
Operating income (loss)            (3,767,978)        16,715,400
Adjusted earnings (1)               2,034,651         18,178,961
Adjusted earnings per share (2)          0.02               0.15
EBITDA                            (15,472,385)        12,253,673
Adjusted EBITDA                    14,683,665         34,406,602
Cash flow from operating
activities before working
capital items                       4,773,700         17,792,717
Cash and cash equivalents
Working capital
Equity
Copper produced (lb)               20,400,000         21,682,000
Gold produced (oz)                      6,300              6,100
Silver produced (oz)                   64,900            124,100
Copper sold (lb)                   21,900,000         25,300,000
Gold sold (oz)                          7,800              7,800
Silver sold (oz)                       65,300            133,800
Site cash costs per pound
of copper produced (net of
gold, silver credits) (U.S. $)           1.21               1.19
Total cash costs per pound
of copper sold (net of
gold, silver credits) (U.S. $)           1.72               1.73
Realized copper price (U.S. $)           2.39               3.17

During the quarter, the company completed four shipments of concentrate containing approximately 21.9 million pounds of copper, 7,800 ounces of gold and 65,300 ounces of silver to Japan for smelting and recorded revenues, net of smelter charges and pricing adjustments, of $63.7-million. The total cash cost of copper sold for the quarter ended Sept. 30, 2015, was reduced to $1.72 (U.S.) per pound of copper net of gold and silver byproduct credits as a result of continuing cost-cutting measures taken at the mine site.

During the quarter the company continued with mining ore mainly from the pit No. 2 area, where a majority of ore will be mined from for the balance of 2015. At the same time the company continued with the phase 3 push back on the west side of pit No. 3. During the quarter the company received approval from the B.C. government to incorporate the Virginia and Oriole deposits into the mine plan. Mining from the Virginia area has commenced with overburden removal, while the Oriole deposit will be incorporated into the mine plan once the Virginia pit is completed. Management is now planning on first ore delivery to the concentrator from Virginia in December as a result of the delay in receiving the mine permit amendment that was submitted to government last October. Both of these deposits will provide small volumes of higher-grade ore that will be blended into the mill feed. Copper head grade for the year will average about 0.33 per cent copper or approximately 0.41 per cent copper equivalent. During the quarter a total of 14.7 million tonnes of material was mined, including 5.4 million tonnes of ore and 9.3 million tonnes of waste for a strip ratio of 1.73:1. The mining rate at the end of the period was in the range of 160,000 tonnes per day moved.

Mill throughput from the concentrator continued to improve month over month, averaging 37,400 tonnes per day during the third quarter, which is an improvement over second-quarter 2015 and about 7 per cent above design capacity of 35,000 tonnes per day. This improvement included an average throughput of 39,100 tonnes per day for the month of July, thus providing management with the confidence that the budget rate of 37,500 tonnes per day is very achievable on a consistent basis. The increase in throughput is directly attributable to the installation of the permanent secondary crusher and mine site management's ability to optimize the crushing and grinding circuit.

During the quarter the mill processed a total of 3.4 million tonnes of ore at an average grade of 0.33 per cent copper to produce 20.4 million pounds of copper, 6,300 ounces of gold and 64,900 ounces of silver. SAG mill availability was 93.4 per cent during the third quarter, and copper recovery averaged 82.4 per cent, which was in line with the company's plan. Throughout the quarter management remained focused on cost reduction and capital discipline.

The table sets out the major operating parameters for the mine for the three and nine months ended Sept. 30, 2015.

                          MINE PRODUCTION INFORMATION
                                                     
                                      Three months ended     Nine months ended
                                               Sept. 30,             Sept. 30,
                                         2015       2014       2015       2014
Copper Mountain mine 
(100-per-cent basis)
Mine
Total tonnes mined (000 (3))           14,708     15,282     43,607     44,940
Ore tonnes mined (000)                  5,381      4,514     16,734     13,232
Waste tonnes (000)                      9,327     10,769     26,874     31,708
Stripping ratio                          1.73       2.39       1.61       2.40
Mill
Tonnes milled (000)                     3,437      2,817      9,671      8,223
Feed grade (Cu %)                        0.33       0.42       0.33       0.40
Recovery (%)                            82.36      82.91      81.79      83.45
Operating time (%)                      93.18      90.48      92.39      90.42
Tonnes milled (TPD)                    37,345     30,691     35,402     30,241
Production
Copper production (000 lb)             20,400     21,700     58,200     60,600
Gold production (oz)                    6,300      6,100     21,900     16,600
Silver production (oz)                 64,900    124,100    216,300    342,600
Site cash costs per pound
of copper produced (net of
precious metal credits) (U.S. $)         1.21      $1.19       1.26      $1.48
Total cash costs per pound
of copper sold (net of
precious metal credits) (U.S. $)         1.72      $1.73       1.76      $2.00

A summarized income statement, as well as details for the company's conference call schedule, is included herein.

                    SUMMARIZED INCOME STATEMENT

                                               Three months ended
                                                        Sept. 30,
                                           2015              2014

Revenues                            $63,701,608       $82,546,359
(Cost) of sales (4)                 (65,787,068)      (63,719,525)
Gross profit (loss)                  (2,085,460)       18,826,834
Other income and (expenses)
General and administration           (1,446,508)       (1,672,495)
Share-based compensation               (236,010)         (438,939)
Operating income (loss)              (3,767,978)       16,715,400
Pricing adjustments on
concentrate and metal sales           5,880,121         7,055,406
Finance income                           12,824            33,921
Finance (expense)                    (2,762,906)       (1,942,041)
Current resource tax (expense)         (120,604)         (446,352)
Deferred income and resource
tax recovery (expense)                2,793,194        (3,237,373)
Adjusted earnings (5)                 2,034,651        18,178,961
Pricing adjustments on
concentrate and metal sales          (5,880,121)       (7,055,406)
Unrealized gain (loss)
on interest rate swap                (2,313,173)          219,522
Unrealized gain (loss)
on foreign exchange                 (21,962,756)      (15,317,045)
Net (loss) and comprehensive
(loss) for the period               (28,121,399)       (3,973,968)
Net income (loss) and
comprehensive income (loss)
attributable to
shareholders of the company         (21,059,135)       (2,820,267)
Non-controlling interest             (7,062,264)       (1,153,701)
                                    (28,121,399)       (3,973,968)
Earnings (loss) per share                 (0.18)            (0.02)
Adjusted earnings per share                0.02              0.15

The full set of financial statements and accompanying management's discussion and analysis are posted on SEDAR.

Exploration update

Exploration activities at the mine site during this period of low metal prices were minimized as part of the mine cost reduction plan. A relatively small, four-hole, 1,500-metre diamond drill program was undertaken to test for mineralization in an area immediately to the south of the Virginia deposit. The drill hole locations were planned to test for the potential extension of economic mineralization. No economic mineralization was encountered in the area adjacent to the southeast end of the Virginia pit. One hole was extended to test the area below the Virginia deposit for high-grade underground minable mineralization. Assay results are not yet complete, but visual inspections suggest that no economic mineralization extends to depth and at this point no further drilling is planned for this area.

A second drill program has recently been initiated to test the continuity of mineralization through the upper part of the saddle zone (the area between pits 2 and 3). The results from this drill program will provide the infill drill data for mine design.

Conference call details

A conference call and webcast will be held on Monday, Nov. 9, 2015, at 7:30 a.m. (Pacific Daylight Time) for management to discuss the results. This discussion will be followed by a question-and-answer period with investors.

Live dial-in information:

Toronto and international:  416-764-8688

North America (toll-free):  888-390-0546

Replay call information:

Toronto and international:  416-764-8677, passcode 181686 followed by the pound key

North America (toll-free):  888-390-0541, passcode 181686 followed by the pound key

The conference call replay will be available from 10:30 a.m. (PST) on Nov. 9, 2015, until 11:59 p.m. PST on Nov. 23, 2015.

Participant audio webcast will also be available on the company's website.

(1) Adjusted earnings (loss) are a non-GAAP (generally accepted accounting principles) financial measure, which removes unrealized gains/losses on interest rate swaps, pricing adjustments on concentrate metal sales and foreign currency gains/losses.

(2) Calculated based on weighted average number of shares outstanding under the basic method based on adjusted earnings.

(3) Excludes ore rehandle from stockpile.

(4) Cost of sales consists of direct mining and milling costs (which include mine site employee compensation and benefits, mine site general and administrative costs, non-capitalized stripping costs, maintenance and repair costs, operating supplies, and external services), depreciation and off-site transportation costs.

(5) Adjusted earnings (loss) are a non-GAAP financial measure, which excludes unrealized gains/losses on derivative instruments, changes in fair value of financial instruments, foreign currency gains/losses, pricing adjustments related to metal sales and non-recurring transactions.

We seek Safe Harbor.